This week, African leaders will converge on China’s capital to raise capital for expensive infrastructure projects as they watch the growing rivalry between great powers for resources and influence on the continent.
Over the past ten years, China has deepened its connections with African countries, lending them billions of dollars to help with infrastructure development, but at times, this has sparked controversy by burdening these nations with massive debt.
China has utilised Africa’s abundant natural resources, such as copper, gold, lithium, and rare earth minerals, while also sending hundreds of thousands of labourers there to complete its massive projects.
Leaders of South Africa, Nigeria, Kenya, and other countries have confirmed their attendance at this week’s China-Africa forum. Beijing claims it will be its biggest diplomatic gathering since the COVID-19 pandemic, and dozens of delegations are anticipated.
According to Ovigwe Eguegu, a policy analyst at Development Reimagined, African nations were “looking to tap the opportunities in China for growth.” This was stated to AFP.
According to Chinese state media, bilateral trade between China and Africa reached $167.8 billion in the first half of this year, making China the continent’s largest trading partner and the second-largest economy globally. According to data compiled by the Chinese Loans to Africa Database, Beijing’s loans to African countries reached their highest level in five years last year. The top five borrowers were Angola, Ethiopia, Egypt, Nigeria, and Kenya.
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